Teachers of Economics
- Mrs B Donovan
- Mr D Hodges
- Mr D Kelly
- Mrs H Phillips (Curriculum Leader)
Reasons to Study Economics
Economics is a great subject for anyone with an interest in understanding the economic environment we all live in, particularly for those who would like to work on applying mathematical concepts, developing logical thought processes, and exploring decisions made by governments both at home in the UK and on a global level. It offers you a chance to develop a range of skills that are highly valued by universities and employers such as communicating your ideas coherently through written work and discussions.
Our Vision for Economics
Students at SJB study Economics to improve their commercial awareness, enhance their strategic thinking and develop a greater understanding of the global business environment and how to influence it.
View Subject Video
Outline of Course
Qualification: A Level Economics
Exam Board: Edexcel
Coursework: 0%
Exam: 100%
Exam Structure: 3 x 2 hours exam papers sat in the summer of Year 13
Link to specification:
A levels Economics A (2015)
Course Overview:
In Year 12 students will learn about:
- Micro-economics:
- How markets work, including an introduction to the economic problem of scarcity, opportunity cost, division of labour, free market/mixed/planned economic systems, supply, demand, price determination, the price mechanism, price elasticity of demand, income elasticity of demand, cross price elasticity of demand and elasticity of supply
- Why markets fail, including public goods, externalities and information gaps
- How and why governments intervene in markets, including price controls, taxation, subsidies, regulation and direct provision
- How government failure can take place
- Economic costs, revenue and profit
- Macro-economics:
- Measures of success of an economy including economic growth, inflation, unemployment, balance of payments, inequality, fiscal balance and environmental health
- AD/AS analysis including Short-Run Aggregate Supply, Classical Long-Run Aggregate Supply and Keynesian Aggregate Supply
- Policies to manage the economy including demand side (fiscal and monetary policy) and supply-side policies
- National Income, including the circular flow of income and the multiplier
- Conflicts between economic objectives and policies
- Introduction to development economics
- Public sector spending, taxation and public sector finances in a global context
In Year 13 students will learn about:
- Micro-economics:
- The theory of the firm: Perfect competition, monopolistic competition, oligopoly, monopoly and monopsony
- Alternative objectives of the firm
- Contestability and efficiency
- Business growth
- Government intervention in monopoly markets, including price caps, regulators, competition policy and the Competition and Markets Authority (CMA)
- Labour markets, including supply and demand for labour, wage determination in perfectly and imperfectly competitive markets and market failure in labour markets
- Macro-economics:
- Globalisation including pattern of trade, terms of trade, comparative advantage, trade blocs, the WTO, restrictions on free trade, balance of payments, exchange rates and international competitiveness
- The role of financial markets, including their role, how they fail and the role of the Bank of England in maintaining financial stability
